child mortarboard gbp briefcase bath coffeecup tree twitter search crosshair fax house papers sort house-pound brochure list-items notes printer video-camera video virtual-video bath bed camera floorplan heart-empty heart-filled heart-empty-thin heart-filled-thin sofa calculator compass share clock list map-pen map-pin pencil save business-card letter phone heard people pointer cross linkedin google-plus facebook arrow-right close triangle-down my-wink my-wink-thick house-circle loading-spinner bell close-circle dog link pinterest school transport wardrobe arrow-up one two three four five six seven tick

What’s in Store for London Property in 2015?

Thus far we have had the re-styling of Stamp Duty as well as a new Capital Gains Tax for overseas owners from April 2015. The entry level for Annual Enveloped Dwellings Tax has been shifted dramatically downwards and we have the potential for mansion tax looming over the market. On top of this, the council tax banding of properties will most likely come up to scrutiny. The new stamp duty regime makes it cheaper to buy at or below about £1m and progressively more expensive as you head north of £1.5m. As a one off cost of purchase I suspect that it will be absorbed by the market and transaction prices will reflect these new costs in the majority of cases. The election is just visible on the horizon which has the potential to make huge changes to the property market, it is likely that a left leaning coalition will draw attention to property taxes and that a right leaning coalition will draw the world’s attention to our EU membership. Either result will have its own implications on the central London property market. As a result, both domestic and international buyers are understandably looking forward with caution. Sellers are rethinking their plans as all property taxes affect prices to an extent. Until after the election, the only thing we can be certain of is that we are uncertain. We are still doing deals here, but only where buyers and sellers areon the same page. These sorts of markets can suit and benefit the counter-intuitive thinker. Correct pricing is absolutely critical to get buyers through the door, as is a level of understanding from all parties about what the other side is hoping to achieve. In these circumstances it’s important to think carefully about who you choose to advise you. In any event it should be an interesting few months.

Thus far we have had the re-styling of Stamp Duty as well as a new Capital Gains Tax for overseas owners from April 2015.

The entry level for Annual Enveloped Dwellings Tax has been shifted dramatically downwards and we have the potential for mansion tax looming over the market. On top of this, the council tax banding of properties will most likely come up to scrutiny.

The new stamp duty regime makes it cheaper to buy at or below about £1m and progressively more expensive as you head north of £1.5m. As a one off cost of purchase I suspect that it will be absorbed by the market and transaction prices will reflect these new costs in the majority of cases.

The election is just visible on the horizon which has the potential to make huge changes to the property market, it is likely that a left leaning coalition will draw attention to property taxes and that a right leaning coalition will draw the world’s attention to our EU membership. Either result will have its own implications on the central London property market.

As a result, both domestic and international buyers are understandably looking forward with caution. Sellers are rethinking their plans as all property taxes affect prices to an extent. Until after the election, the only thing we can be certain of is that we are uncertain.

We are still doing deals here, but only where buyers and sellers areon the same page. These sorts of markets can suit and benefit the counter-intuitive thinker. Correct pricing is absolutely critical to get buyers through the door, as is a level of understanding from all parties about what the other side is hoping to achieve. In these circumstances it’s important to think carefully about who you choose to advise you.

In any event it should be an interesting few months.

Related posts

Leasehold properties: your quick guide

You may have seen the recent headline that was too good to be true - flat for sale in Knightsbridge priced at just £120,000. The catch? The lease attached to the property was to expire in the following ten weeks. The article raised an important issue for buyers of properties for sale in central London - especially flats. When comparing property prices and analysing search...

Read post

July 30, 2015

Growth at both ends of the central London property market

Recent news affecting buyers of property for sale in central London is coming from opposite ends of the spectrum - both concerning the size of residences. The cost of a one-bedroom flat in London is calculated to be rising up £75 a day, with a thriving audience for entry level property in the city and added interest from buy-to-let investors. At the other end of...

Read post

May 25, 2015

Movement of London executives creates new residential hubs

Central London estate agents are recognising an almost two-tier residential property market emerging in the capital. Executives, bankers and traders - traditionally the heartbeat of the buying and selling property market in central London - have found themselves displaced by billionaires and investors from Russia, China and the Middle East, squeezing them out of favoured neighbourhoods such as Mayfair and Knightsbridge. New centres of property...

Read post

May 05, 2015

Find your Local Office

Find your Local Office

Speak to people who, quite simply, love their patch and love what they do.

Get a Free Valuation

Get a Free Valuation

Thinking of selling or letting your property, or just interested to know what it is worth nowadays?